Deutsche Bank China receives approval to set up a sub-branch in the Shanghai Pilot Free Trade Zone.

Deutsche Bank China has received approval from the Shanghai Bureau of the China Banking Regulatory Commission to set up a sub-branch in the China (Shanghai) Pilot Free Trade Zone - continuing the trend of global banks opening sub-branches in the Shanghai Free Trade Zone.

This sub-branch will cater to both corporate and financial institution clients with a focus on cross-border transactions. Deutsche Bank is actively involved in corporate advisory, capital markets, transaction banking, as well as asset and wealth management within China.

In 2008, Deutsche Bank acquired a stake in Hua Xia Bank, a Chinese national bank, and has subsequently increased its equity ownership of the bank to nearly 20 per cent.

For more on banks establishing sub-branches in the Shanghai FTZ (see here).